- Safiu Kehinde
Over two million barrels of jet fuel has been imported by the United States from Dangote Refinery.
The historic business deal was announced by Dangote Group on Tuesday.
According to the group, the huge fuel purchase by the US from its 650,000 bpd facility was record in this March alone.
This reportedly underscored the growing global impact of the world’s largest single-train refinery, located in Lagos.
As confirmed by data from ship-tracking service, Kpler, referenced by a statement from the Dangote refinery, six vessels carrying around 1.7 million barrels of jet fuel from the refinery arrived at US ports this month, while another vessel, the Hafnia Andromeda, is set to arrive at the Everglades terminal on March 29, with approximately 348,000 barrels of jet fuel.
This shipment to the US is coming after export of three cargoes of jet fuel, totalling around 130 million litres, from Nigeria to Saudi Arabia by the Dangote refinery.
However, Dangote Refinery’s milestone achievement is coming under heels of its temporary stoppage of sale of petroleum products in naira, following the collapse of naira-for-crude agreement with the Nigerian National Petroleum Company Limited (NNPCL).
Dangote Refinery’s significant milestone at the international market, according to experts, underscores the refinery’s exceptional product quality and the confidence the international market has in the refinery.
Chief Operating Officer of TankTiger, Steven Barsamian, reportedly stated that the increased supply from Nigeria was contributing to a surge in demand, which would likely drive down jet fuel prices in the US ahead of the peak summer travel season.”
“US jet fuel imports from Dangote Refinery are expected to decrease aviation fuel prices during this period, according to trade analysts and storage brokers. US jet fuel imports in March have averaged around 226,000 bpd, the highest since February 2023, underlining the global demand for products from Dangote Refinery,” Barsamian said.